Week 198 (29 July - 4 August 2017)
At the end of a memorable week in the Olympic Movement, the Los Angeles bid committee can reflect with great pride about what they have achieved over the past two years, and look forward to the exciting years ahead after all but securing the 2028 Olympic and Paralympic Games.
On Monday, Los Angeles officially declared its candidature to host the 2028 Games after agreeing a deal with the IOC, clearing the path for Paris to host the 2024 Games. The announcement marks a significant step towards reaching a tripartite agreement between the IOC and Paris and Los Angeles, and achieving the desired “win-win-win” outcome. The final proposal to secure Paris 2024 and LA 2028 will now need to be ratified by IOC Members at September’s 131st IOC Session in Lima.
Reflecting on the announcement, Mayor of Los Angeles Eric Garcetti said: “This is a historic day for Los Angeles, for the United States, and for the Olympic and Paralympic Movements around the world… Today, we take a major step toward bringing the Games back to our city for the first time in a generation and begin a new chapter in Los Angeles’s timeless Olympic story.”
Garcetti has openly stated that the financial benefits for waiting an extra four years were “too good to turn down”, with the deal presenting the perfect opportunity to revolutionise youth sports programmes in the city.
After the announcement, IOC President Thomas Bach specifically highlighted the city’s plan to engage local youth in the Olympic Games and expand the city’s youth sports programmes, whilst Garcetti appeared rightfully delighted when speaking on Monday: “This agreement with the IOC will allow us to seed a legacy of hope and opportunity that will lift up every community in Los Angeles—not in 11 years’ time, but starting now… the decision will kick-start our drive to make LA the healthiest city in America.”
After the initial haste of analysts scrambling to work out what the terms of the deal meant, it quickly became clear that Los Angeles Mayor Eric Garcetti and LA's bid leader Casey Wasserman, had negotiated a deal that will have a positive lasting impact on both the city and the Olympic Movement.
With new sponsorship and marketing deals becoming available, the IOC’s contribution to the LA Organising Committee is likely to exceed $2 billion, which is significantly higher than at any previous Games.
Described by Casey Wasserman as “a big win for Los Angeles,” the deal would also see the IOC provide advance payments of $180 million in instalments over five years, in order to support LA 2028 in its additional four years of operation. The IOC have stated they would allow up to $160 million of this to be invested in youth sports programmes in Los Angeles before the Games.
Lastly, in what marks a unique opportunity for LA 2028, the IOC has agreed to forfeit its usual 20% cut of any surplus Games-time profit. Not only is this financially appealing to LA 2028, it gives the bid committee the chance to demonstrate how the Games can be profitable for a city, which would help draw more cities to the prospect of bidding and quash accusations of the Games being a financial burden on a city.
The focus now will be firmly on the future and delivering LA 2028’s “no surprises Games plan” and leaving the best possible legacy for both the city and the Olympic Movement. And, importantly, the most recent polling figures show that 83% of Angelenos are happy to host the Games in 2028, demonstrating that LA 2028 is already off to a great start.
Photo: LA 2028